If you're new here, you may want to subscribe to my RSS feed. Thanks for visiting!
While poor Mr. Bailey can’t get a break with his loan modification efforts with Countrywide a higher-profile figure, California Congresswoman, Democrat Laura Richardson was able to negotiate a loan modification to save her home from foreclosure after joining the House of Representatives.
With our own Congresspeople going in to foreclosure after buying 100% financed housing at the top of the bubble do we really have any chance of avoiding a massive government housing bailout? Can we demand fiscal responsibility from our representatives? Is it too much to ask? Is it even fair to levy that question? Ms. Richardson says she didn’t recuse herself from the housing bailout package votes in the House, instead she missed them due to personal reasons, but it would have been prudent of her to do so.
Initial reports stated that her home had gone in to foreclosure, but Representative Richardson stated that the home was never in foreclosure and that she has instead negotiated a loan modification to save her home.
The home, bought in 2005 with 100% financing had a Notice of Trustee Sale was filed for the Sacramento home by the lien-holder, Washington Mutual.
From the article in the LA Land blog:
California Rep. Laura Richardson today denied a published report that her $535,000 Sacramento home had slipped into foreclosure, saying she had renegotiated her loan to keep the home.
The house “… is not in foreclosure and has NOT been seized by the bank,” Richardson, a Democrat from Long Beach, said in a statement. “I have worked with my lender to complete a loan modification and have renegotiated the terms of the agreement — with no special provisions.”
Representative Richardson’s statement in response to the reports:
CONGRESSWOMAN LAURA RICHARDSON
For Immediate Release
May 21, 2008
The story published in the Capitol Weekly regarding residential property that I own in Sacramento requires clarification.
Within a 12-month period last year (2007-2008), I was a member of Long Beach City Council, the District Director for California Lt. Gov. Cruz Bustamante, a member of the California State Legislature, and, now a member of Congress. While the transitioning has impacted me personally, the residential property in Sacramento California is not in foreclosure and hasNOTbeen seized by the bank.
I have worked with my lender to complete a loan modification and have renegotiated the terms of the agreement — with no special provisions. I fully intend to fulfill all financial obligations of this property.
On two housing bills that were cited by the Capitol Weekly, the allegation is that I recused myself from these votes. I did not. I was absent from Washington, D.C., and my duties in the House of Representatives due to the untimely death of my father and his subsequent funeral in California.
I understand that these homeownership issues are a reflection of what many Americans are going through as they fight to keep their homes and to remain financially stable.
On FriendFeed, this post was liked by 0 people and commented on 0 times show
